Indiana (State or other Jurisdiction of Incorporation) | 000-16759 (Commission File Number) | 35-1546989 (IRS Employer Identification No.) |
P. O. Box 540, Terre Haute, Indiana (Address of Principal Executive Offices) | 47808 (Zip Code) |
Exhibit No. | Description | |
99.1 | Press Release, dated February 7, 2017 issued by First Financial Corporation |
First Financial Corporation | ||
Dated February 7, 2017 | ||
/s/Rodger A. McHargue | ||
Rodger A. McHargue | ||
Secretary/Treasurer and Chief Financial Officer |
Exhibit Number | ||
99.1 | Press Release, February 7, 2017 issued by First Financial Corporation |
News Release |
For more information contact: | |
February 7, 2017 | Rodger A. McHargue at (812) 238-6334 |
Three Months Ended | Year Ended | |||||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||
2016 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
END OF PERIOD BALANCES | ||||||||||||||||
Assets | $ | 2,988,527 | $ | 3,019,323 | $ | 2,979,585 | $ | 2,988,527 | $ | 2,979,585 | ||||||
Deposits | $ | 2,428,526 | $ | 2,479,241 | $ | 2,442,369 | $ | 2,428,526 | $ | 2,442,369 | ||||||
Loans | $ | 1,839,180 | $ | 1,821,525 | $ | 1,763,808 | $ | 1,839,180 | $ | 1,763,808 | ||||||
Allowance for Loan Losses | $ | 18,773 | $ | 19,074 | $ | 19,946 | $ | 18,773 | $ | 19,946 | ||||||
Total Equity | $ | 414,395 | $ | 422,374 | $ | 410,316 | $ | 414,395 | $ | 410,316 | ||||||
Tangible Common Equity | $ | 377,931 | $ | 385,766 | $ | 367,649 | $ | 377,931 | $ | 367,649 | ||||||
AVERAGE BALANCES | ||||||||||||||||
Total Assets | $ | 2,970,031 | $ | 2,977,329 | $ | 2,974,567 | $ | 2,963,380 | $ | 2,976,931 | ||||||
Earning Assets | $ | 2,778,369 | $ | 2,742,151 | $ | 2,735,328 | $ | 2,748,165 | $ | 2,744,469 | ||||||
Investments | $ | 923,957 | $ | 936,059 | $ | 950,245 | $ | 940,490 | $ | 964,309 | ||||||
Loans | $ | 1,830,628 | $ | 1,800,796 | $ | 1,749,261 | $ | 1,792,609 | $ | 1,761,888 | ||||||
Total Deposits | $ | 2,464,246 | $ | 2,399,596 | $ | 2,443,478 | $ | 2,426,203 | $ | 2,446,331 | ||||||
Interest-Bearing Deposits | $ | 1,895,665 | $ | 1,855,077 | $ | 1,889,350 | $ | 1,875,226 | $ | 1,901,623 | ||||||
Interest-Bearing Borrowings | $ | 35,531 | $ | 59,815 | $ | 41,269 | $ | 46,556 | $ | 47,107 | ||||||
Total Equity | $ | 405,261 | $ | 433,511 | $ | 408,730 | $ | 415,032 | $ | 404,845 | ||||||
INCOME STATEMENT DATA | ||||||||||||||||
Net Interest Income | $ | 26,406 | $ | 26,351 | $ | 26,012 | $ | 104,973 | $ | 104,507 | ||||||
Net Interest Income Fully Tax Equivalent | $ | 27,956 | $ | 27,907 | $ | 27,561 | $ | 111,156 | $ | 110,744 | ||||||
Provision for Loan Losses | $ | 939 | $ | 1,091 | $ | 1,050 | $ | 3,300 | $ | 4,700 | ||||||
Non-interest Income | $ | 8,428 | $ | 7,923 | $ | 9,389 | $ | 46,931 | $ | 39,179 | ||||||
Non-interest Expense | $ | 22,195 | $ | 22,006 | $ | 24,943 | $ | 90,308 | $ | 98,398 | ||||||
Net Income | $ | 8,344 | $ | 8,162 | $ | 7,114 | $ | 38,413 | $ | 30,196 | ||||||
PER SHARE DATA | ||||||||||||||||
Basic and Diluted Net Income Per Common Share | $ | 0.68 | $ | 0.68 | $ | 0.56 | $ | 3.12 | $ | 2.35 | ||||||
Cash Dividends Declared Per Common Share | $ | 0.50 | $ | 0.50 | $ | 0.49 | $ | 0.50 | $ | 0.98 | ||||||
Book Value Per Common Share | $ | 33.92 | $ | 33.89 | $ | 32.21 | $ | 33.92 | $ | 32.21 | ||||||
Tangible Book Value Per Common Share | $ | 30.94 | $ | 30.88 | $ | 28.86 | $ | 30.94 | $ | 28.86 | ||||||
Basic Weighted Average Common Shares Outstanding | 12,201 | 12,236 | 12,722 | 12,317 | 12,836 |
Key Ratios | Three Months Ended | Year Ended | |||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | |||||||
2016 | 2016 | 2015 | 2016 | 2015 | |||||||
Return on average assets | 1.12 | % | 1.10 | % | 0.96 | % | 1.30 | % | 1.01 | % | |
Return on average common shareholder's equity | 8.24 | % | 7.23 | % | 6.96 | % | 9.26 | % | 7.46 | % | |
Efficiency ratio | 61.00 | % | 61.42 | % | 67.51 | % | 57.13 | % | 65.63 | % | |
Average equity to average assets | 13.65 | % | 14.56 | % | 13.74 | % | 14.01 | % | 13.60 | % | |
Net interest margin | 4.01 | % | 4.05 | % | 4.04 | % | 4.04 | % | 4.04 | % | |
Net charge-offs to average loans and leases | 0.27 | % | 0.34 | % | 0.20 | % | 0.25 | % | 0.14 | % | |
Loan and lease loss reserve to loans and leases | 1.02 | % | 1.05 | % | 1.13 | % | 1.02 | % | 1.13 | % | |
Loan and lease loss reserve to nonperforming loans and other real estate | 74.50 | % | 65.69 | % | 68.96 | % | 74.50 | % | 68.96 | % | |
Nonperforming loans to loans | 1.43 | % | 1.61 | % | 1.46 | % | 1.43 | % | 1.46 | % | |
Tier 1 leverage | 13.39 | % | 13.23 | % | 12.92 | % | 13.39 | % | 12.92 | % | |
Risk-based capital - Tier 1 | 17.43 | % | 17.46 | % | 17.69 | % | 17.43 | % | 17.69 | % |
Asset Quality | Three Months Ended | Year Ended | ||||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||
2016 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Accruing loans and leases past due 30-89 days | $ | 10,757 | $ | 6,983 | $ | 12,294 | $ | 10,757 | $ | 12,294 | ||||||
Accruing loans and leases past due 90 days or more | $ | 610 | $ | 1,144 | $ | 964 | $ | 610 | $ | 964 | ||||||
Nonaccrual loans and leases | $ | 13,492 | $ | 16,235 | $ | 14,634 | $ | 13,492 | $ | 14,634 | ||||||
Nonperforming loans and other real estate | $ | 25,198 | $ | 29,037 | $ | 28,924 | $ | 25,198 | $ | 28,924 | ||||||
Other real estate owned | $ | 2,531 | $ | 2,772 | $ | 3,466 | $ | 2,531 | $ | 3,466 | ||||||
Total nonperforming assets | $ | 37,567 | $ | 40,548 | $ | 43,799 | $ | 37,567 | $ | 43,799 | ||||||
Total troubled debt restructurings | $ | 8,565 | $ | 8,886 | $ | 9,860 | $ | 8,565 | $ | 9,860 | ||||||
Gross charge-offs | $ | 2,743 | $ | 2,724 | $ | 1,931 | $ | 8,949 | $ | 8,528 | ||||||
Recoveries | $ | 1,500 | $ | 1,202 | $ | 902 | $ | 4,473 | $ | 4,935 | ||||||
Net charge-offs/(recoveries) | $ | 1,243 | $ | 1,522 | $ | 1,029 | $ | 4,476 | $ | 3,593 |
December 31, 2016 | December 31, 2015 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Cash and due from banks | $ | 75,012 | $ | 88,695 | |||
Federal funds sold | 6,952 | 9,815 | |||||
Securities available-for-sale | 853,725 | 891,082 | |||||
Loans: | |||||||
Commercial | 1,106,182 | 1,043,980 | |||||
Residential | 423,911 | 444,447 | |||||
Consumer | 305,881 | 272,896 | |||||
1,835,974 | 1,761,323 | ||||||
(Less) plus: | |||||||
Net deferred loan costs | 3,206 | 2,485 | |||||
Allowance for loan losses | (18,773 | ) | (19,946 | ) | |||
1,820,407 | 1,743,862 | ||||||
Restricted stock | 10,359 | 10,838 | |||||
Accrued interest receivable | 12,311 | 11,733 | |||||
Premises and equipment, net | 49,240 | 50,531 | |||||
Bank-owned life insurance | 83,737 | 82,323 | |||||
Goodwill | 34,355 | 39,489 | |||||
Other intangible assets | 2,109 | 3,178 | |||||
Other real estate owned | 2,531 | 3,466 | |||||
Other assets | 37,789 | 44,573 | |||||
TOTAL ASSETS | $ | 2,988,527 | $ | 2,979,585 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Deposits: | |||||||
Non-interest-bearing | $ | 564,092 | $ | 563,302 | |||
Interest-bearing: | |||||||
Certificates of deposit exceeding the FDIC insurance limits | 43,759 | 46,753 | |||||
Other interest-bearing deposits | 1,820,675 | 1,832,314 | |||||
2,428,526 | 2,442,369 | ||||||
Short-term borrowings | 80,989 | 33,831 | |||||
FHLB advances | 132 | 12,677 | |||||
Other liabilities | 64,485 | 80,392 | |||||
TOTAL LIABILITIES | 2,574,132 | 2,569,269 | |||||
Shareholders’ equity | |||||||
Common stock, $.125 stated value per share; | |||||||
Authorized shares-40,000,000 | |||||||
Issued shares-14,578,758 in 2016 and 14,557,815 in 2015 | |||||||
Outstanding shares-12,185,737 in 2016 and 12,740,018 in 2015 | 1,820 | 1,817 | |||||
Additional paid-in capital | 74,525 | 73,396 | |||||
Retained earnings | 421,826 | 395,633 | |||||
Accumulated other comprehensive loss | (14,164 | ) | (9,401 | ) | |||
Less: Treasury shares at cost-2,393,021 in 2016 and 1,817,797 in 2015 | (69,612 | ) | (51,129 | ) | |||
TOTAL SHAREHOLDERS’ EQUITY | 414,395 | 410,316 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 2,988,527 | $ | 2,979,585 |
Years Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(unaudited) | |||||||||||
INTEREST INCOME: | |||||||||||
Loans, including related fees | $ | 86,128 | $ | 84,022 | $ | 87,530 | |||||
Securities: | |||||||||||
Taxable | 14,506 | 15,815 | 17,015 | ||||||||
Tax-exempt | 7,269 | 7,194 | 7,084 | ||||||||
Other | 1,477 | 1,645 | 1,729 | ||||||||
TOTAL INTEREST INCOME | 109,380 | 108,676 | 113,358 | ||||||||
INTEREST EXPENSE: | |||||||||||
Deposits | 4,159 | 3,934 | 4,624 | ||||||||
Short-term borrowings | 134 | 70 | 99 | ||||||||
Other borrowings | 114 | 165 | 803 | ||||||||
TOTAL INTEREST EXPENSE | 4,407 | 4,169 | 5,526 | ||||||||
NET INTEREST INCOME | 104,973 | 104,507 | 107,832 | ||||||||
Provision for loan losses | 3,300 | 4,700 | 5,072 | ||||||||
NET INTEREST INCOME AFTER PROVISION | |||||||||||
FOR LOAN LOSSES | 101,673 | 99,807 | 102,760 | ||||||||
NON-INTEREST INCOME: | |||||||||||
Trust and financial services | 5,208 | 5,586 | 5,860 | ||||||||
Service charges and fees on deposit accounts | 10,530 | 10,145 | 10,772 | ||||||||
Other service charges and fees | 12,307 | 11,798 | 11,697 | ||||||||
Securities gains/(losses), net | 34 | 17 | (3 | ) | |||||||
Gain on sale of certain assets and liabilities of insurance brokerage | 12,822 | — | — | ||||||||
Insurance commissions | 2,346 | 6,945 | 7,646 | ||||||||
Gain on sales of mortgage loans | 1,842 | 1,998 | 1,849 | ||||||||
Other | 1,842 | 2,690 | 2,964 | ||||||||
TOTAL NON-INTEREST INCOME | 46,931 | 39,179 | 40,785 | ||||||||
NON-INTEREST EXPENSE: | |||||||||||
Salaries and employee benefits | 52,730 | 60,109 | 55,936 | ||||||||
Occupancy expense | 6,865 | 6,978 | 7,218 | ||||||||
Equipment expense | 7,300 | 6,991 | 7,269 | ||||||||
FDIC Expense | 1,300 | 1,769 | 1,931 | ||||||||
Other | 22,113 | 22,551 | 23,230 | ||||||||
TOTAL NON-INTEREST EXPENSE | 90,308 | 98,398 | 95,584 | ||||||||
INCOME BEFORE INCOME TAXES | 58,296 | 40,588 | 47,961 | ||||||||
Provision for income taxes | 19,883 | 10,392 | 14,189 | ||||||||
NET INCOME | 38,413 | 30,196 | 33,772 | ||||||||
OTHER COMPREHENSIVE INCOME | |||||||||||
Change in unrealized gains/losses on securities, net of reclassifications and taxes | (10,130 | ) | (1,225 | ) | 13,913 | ||||||
Change in funded status of post retirement benefits, net of taxes | 5,367 | 6,353 | (14,473 | ) | |||||||
COMPREHENSIVE INCOME | $ | 33,650 | $ | 35,324 | $ | 33,212 | |||||
PER SHARE DATA | |||||||||||
Basic and Diluted Earnings per Share | $ | 3.12 | $ | 2.35 | $ | 2.55 | |||||
Weighted average number of shares outstanding (in thousands) | 12,317 | 12,836 | 13,226 |